WEBVTT OW MORE MONEY AND TAKELONGER TO PAY IT OFF.KOCO'S CRYSTAL PRICE WITH THEPOTENTIALLY EXPENSIVE CATCH.>> WE JUST THINK THIS IS NOTANYTHING THAT CAN MAKE OURCOMMUNIY A BETTER PLACE.CRYSTAL: FATHER TIM LUSCHEN OFST. CHARLES BORROMEO CATHOLICCHURCH SAYS HE'S SEEN TOO MANYFAMILIES GET TRAPPED IN PAYINGOFF PAYDAY LOANS THEY CAN'TAFFORD.HOUSE BILL 1913 PROPOSES TOTRIPLE THE CAP FOR SMAPERSONAL LOANS TO $1500, WITH ANANNUAL INTEREST RATE OF UP TO204%.>> WE COULDN'T IMAGINE WHY WEWOULD WANT TO EXPAND THAT KINDOF LENDING. >> NO ONE DRAGS ANYONE IN TOPURCHASE THESE LOANS. CRYSTAL: BUT JONATHAN SMALL WITHTHE OKLAHOMA COUNCIL ON PUBLICAFFAIRS SAYS THIS BILL WILL HELPOKLAHOMANS GET THE EMERGENCYCASH THEY NEED.RIGHT NOW, THOSE SMALL LOANSMUST BE PAID BACK IN A MATTER OFWEEKS, BUT HE ARGUES THAT WITHTHIS BILL, THEY'LL HAVE UP TO AYEAR TO PAY IT BACK.>> IT'S GOING TO RESTRUCTURE THEWAY THE LOAN WORKS SO THAT WAYIT OPERATES MORE LIKE A LONGERTERM LOAN.CRYSTAL: THE BILL HAS PASSED THELEGISLATURE, AND ITS HEADED TOTHE GOVERNOR'S OFFICE.MEANWHILE, CHURCHES AND

Gov. Mary Fallin vetoes bill pushed by payday loan industry

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Updated: 10:51 AM CDT May 6, 2017

OKLAHOMA CITY (AP) —

Gov. Mary Fallin has vetoed a bill pushed by the payday lending industry that would have added to the kinds of high-interest loans to be offered in the state.

Fallin issued her veto message late Friday, saying she had concerns about the impact that House Bill 1913 would have on low-income families in Oklahoma.

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The bill was sponsored by Republican state Rep. Chris Kannaday of Oklahoma City and strongly supported by the payday lending industry, which has hired several lobbyists and given tens of thousands of dollars in campaign contributions to legislators.

Current law limits borrowers to a $1,000 loan from a payday loan institution, but Fallin says Kannaday's bill would allow a borrower to get an additional loan for $1,500 with annual percentage interest of more than 200 percent.